we are definitely considering an ipo. the timeline, we cannot talk about just yet.we announced, we have also hired a cfo who comes to us from amazon. we are continuing to build the business and we are incredibly excited about the trajectory. >> got it. last question. something we've all been noticing lately, the markets have been more volatile than the last two years. what impact has that had on customer behavior? i am sure you guys see a lot in the data from how often people are trading, how often they are logging in, and other things? >> right. one of the things that's always been unique about robinhood's customers is we tend to have customers we view as more contrarian. what i mean is that on market dips, we tend to see more buying than selling behavior. we have continued to see that over the last small bit of turbulence we have had in the market. as we look forward, we continue to be bullish on the state of the economy as a whole. unemployment is still very low. we've seen behavior that's in line with what we've seen before. emily: that was the robinhood co-ceo.

it's that push to do an ipo. now, these -- all these companies, the big six that are looking to going next year, have the scale behind them to be able to do that. and my recommendation always to the young ceos is take your time, wait. you know, docusign, we raised probably $500 million before we went public. we were a scale, got a chance to practice, build up our middle go >> there's a number of companies we've seen go public in silicon valley where the founder has kind of basically retained control. facebook, for instance. there were voting shares and different kinds of voting shares. that doesn't always work out very well, does it? if you had the opportunity to retain control, if you were them, would you do so or say actually, no, it's better to just let it go? >> yeah. by the way, i think one of the most important things when you're a public company is your governance model. if you retain all those voting shares and all that, you know, maybe for that individual, that's a good thing. but if you're -- if your tr

there have been rumors about an ipo. is that something you have a plan for?n m&a? >> we have a lot of runway ahead of us. we have been incredibly intentional about our growth and we believe when you look at the beauty landscape and you look at beauty incumbents, in 10 years time, with the way consumer behavior is going, those may not be the most dominant players and we believe glossier has every ability to fill in that space. emily: i think about the museum of ice and glossier is a visual brand. how do you maintain the buzz? >> we do not think about us needing to maintain the buzz. what we think about is how do we provide the tools or the digital conduits for connection for women to write their own stories. no woman is buying all one brand today and yet every woman has , the ability to influence the people around her to create her own beauty routine. as we look towards the future we think about giving voice through the lens of beauty and we think that opportunity is infinite. emily: you hired a product head who worked at instagram, facebook, oculus. what does

which came out in 1996 as an ipo. ated 120 times its ipo price and then it fell almost 80%. was a losingasdaq bet right until the financial crisis and did not begin to recover until long afterwards. ash earning, there is comparison which i think is valid. where people cannot find standard ways to measure value, otherwise known as intrinsic worth, they do all kinds of mental gymnastics to do that, and bitcoin is a really good example of how everybody tried so hard to justify what it was doing when the closer they looked, they couldn't find it. even warren buffett said it's a joke. so we have been in this picture before and the.com bubble that burst in 2000 is a good example. emily: it took two decades to see the end of the guy who story and it never did quite recover. this story asked the question, will bitcoin recover? will it? i am not clairvoyant, and that answer is way above my pay grade. all i can do as an observer is look at this and say what justifies the valuations that we see in the marketplace? and when it is

>> there is no reason when you file an ipo -- it doesn't say you must issue. ipo process, you can file and take your time. for those market initiatives, find your investor base and wait for the appropriate time to issue. there is no rush to market when someone files. guy: in terms of exit, one of the ways you can exit if you are .n investor is via ipo what does this mean in terms of the overall deal flow around the markets? >> that is a good point. what we typically see with these kind of household names is an uptick in deals that are smaller as well. it is necessary that the volatility must get in check. then all of the uncertainty in the marketplace. vonnie: you would have thought with the bull market continuing that it would be a good time and people would want to ipo before any kind of stock drop or bear market hits. whenthink investors know things are being jammed in and they don't like to be forced. they like things to come to them. in an ipo is not going to work in this market. -- put some other companies off? >> that is interesting for me and it is a t

bloomberg has learned ge has filed confidentially for an ipo. ing is likely next spring. according to bloomberg intelligence, the new entity could have an enterprise value up to $70 billion. in london, uber has lost a bid to overturn a court ordering. the court of appeals dismissed the service's challenge today. it's the third time uber has and itslost the lawsuit last chances with the supreme court. that is your business flash update. it's time for smart charts where we dig in with the timely topics with the top technicians. taylor: joining me today is david keller over at sierra alpha research group. really interesting, we were taking a look at the s&p 500 because, from a fundamental speak technicals, when we about jay powell, fundamentally, he did not say anything in the market yet. almost as if the equity markets from a technical perspective are looking for a reason to sell. walk me through the craziness going on here. day like today, when you have a catalyst that can move the markets in the short-term, it helps to step back and look at the b

the company filed early stage documentation for an ipo thursday.ulling ahead against ride-hailing companies going public. this could be march or april of next year. uber is also aiming to list in the first half of 2019 according to bloomberg sources. which company will get there first and what does this signal for the tech ipo landscape in 2019? joining me to discuss is tim sullivan. your company has done more than $3 billion in transactions and is an investor in lyft you think beating over to the punch -- lyft? do you think beating over to the punches a good idea? >> i think it's a good one. this is free publicity for them. thehing that camera mediate market is a good thing. emily: what do you think differentiates lyft from uber or is ridesharing and commodity? >> i think ridesharing is a commodity but left starting a few years after uber, was able to learn from a lot of the mistakes made by uber. i don't say mistakes but their initiatives to go abroad and they probably did not expect to crackdowns from regulators, punishing price wars, forced mer

over is the most anticipated ipo to come out of silicon valley in recent memory, and with an estimatedorth of $120 billion that could land in the top five biggest of all time. to discuss i want to bring back lane, who was previously the head of uber communications in america. also with us, eric newcomer. what do you make of the timing, eric? >> lyft has to be dancing. their goal is to be in the conversation. every time we talk about the bird, they want us to mention ,yft and lift -- mention lyft so good for them in having this david versus goliath narrative out. emily: what do you make of the communications of this? lyft announced that they found a go public, but we learned on friday that uber had filed to go public, but we do not know precisely when -- is that a good way for the news to break? >> uber has a some of the best people in the world. i do not think you file overnight, this is long in development. i will say from the communications standpoint, it does not like they are anticipating what is happening on friday night. that is probably the worst time to make news. but from a lo

most of the conversation is about how to deal with taxes and tax applications of an ipo.ot something many folks have had to deal with since facebook and google have gone public, that scale. emily: compare the financials. i spoke with an investor who said that anybody should be scared about the economics of uber at this point, and lyft, as well. they are not making money. eric: they are both losing money. uber lost $1.1 billion in the third quarter and $2.95 billion in revenue. the case for uber, they are spending it on scooters, autonomous vehicles growing uber , eats, fighting with lyft in the united states. if it got to a situation where they needed to pull back on their burned, they could. that is the argument. this type of business needs to generate cash flow. emily: how does that compare to lyft? much smaller much, than uber. they have not disclosed their financials on a quarterly basis. we know much more about uber's numbers. their massive global business and even where they have sold, they still have stakes in those global businesses. so you will see people evaluat

tech company start market -- stock market debuts, lyft also filed for an ipo. new york times reports that these two companies are rushing to be teach -- beat each other to the public markets. >>> the google effect to spurring interest in downtown san jose and now the former ceo of uber has plans for a building there. a group headed by travis callan it perjured -- purchased this building. his firm has secured 100 million in financing and they will likely be using it as part of the cofounders new venture which reagan -- rid of it -- renovates real estate for use in the food industry. google is moving forward with its plan for a maker -- make a center in downtown san jose. >>> projects in the area of the bay including state routes 1335 and 116. >>> by now you have seen it, the eye-catching renderings for a new ballpark, a's fans are excited but as kpix 5 reports, some are envisioning much more than simply a stadium. >> reporter: so you just wanted to come over here and imagine what this might look like ? >> doesn't everybody want to imagine what a big old nice bal

uber has reportedly filed confidentially for an ipo. they were planning a 2019 debut.that filing uber could go public as soon as the first quarter. >> fair and accurate, we'll see you back trending in a few minutes. >>> here's how your money and investments look guess what, we are down but we are not down like we were last week we're not pointing to any kind of a two, three-quarter point drop futures are down 56 points right now. nasdaq and s&p futures are down. every dow stock all down 30 are lower in the month of december but hard to believe nasdaq is still higher by about 1% on the year let's now bring in steve cheveron at federated. you'd never guess that the major index would be higher now given what we've seen, steve, the last couple of weeks. you're a long-term fund manager. how are you managing through the volatility >> not a good time to be a hero. it's a good time to be pointed where the fundamentals are leading. growth is still going to be positive next year we'll have earnings growth you want to be long equities you want to have parts of the market that are

, a company that everyone knows, did an ipo. that was in 1996.n the next three years, it appreciated 120 times. loste new century, yahoo! a large part of its value. the numbers are analogous to bitcoin. what was going on at that time, in the late 90's everybody mathved this newfound called cash earnings, it was very popular and embraced to justify the valuations of all of these new companies. that didn't have anything else going for them other than the fact that they were.com wonders. most of them crashed. i don't know if you remember pets.com. that was one of them. the nasdaq which embraced all of these companies, particularly in 1999, crashed as well. all the way into the financial crisis. when the s&p in contrast had recovered. what we are seeing today in this year is very much to me resembling what happened back then in the dot-com bubble. >> it is always dangerous when people event new methodology for valuing things. i would take you back to 1999 to amazon. is there an amazon in the cryptocurrency world? >> amazon is very different because a

uber technologies has joined their rival in filing are an ipo.itted its ipo filing confidentially to the u.s. securities and exchange commission. it could be the largest next year and one of the five biggest of all time. uber could be worth $120 billion on the public market. qatar has entered into an agreement with exxon mobil affiliates to require a participating interest in three offshore exploration blocs in mozambique. interest have a 50% and qatar petroleum has the remaining 10%. -- is set to announce as soon as monday the departure of its ceo, removing a hurdle to further talks. the imminent exit comes a little more than a month after the firm reached an agreement with activist investors. sources say that they are open to re-engaging with glencore and abm. and that is your bloomberg business flash. christine. let's get to the story around brexit. prime minister theresa may could be forced into a brexit that keeps the u.k. inside the eu single market if she loses that crunch vote that will take place on tuesday. according to reports, adminis

that is, sell shares in an ipo. details are thin because lyft is filinging a new filing under new law that keeps us from seeing most of the information. the s.e.c. still has to approve the idea. lyft is, so far, beating uber to the market. the ceo of fremont's lamb research has resigned, seen here on cnbc. the company he's leaving under ak you -- the company, rather, says he's leaving under accusations of improper behavior. that makes him the fourth chip industry ceo to leave his job under an accusation. >>> major news in the balgs between the u.s. and china. the chief financial officer for the chinese firm has been arrested in canada and reports say the u.s. is going to try to get her extradited here. not only is she the cfo, she's the daughter of the company's founder. we're not sure why she's been arrested. canada not been forthcoming. it may be an accusation that huyai is exporting technology to iran. they have offices here in silicon valley. it's the second largest cell phone maker in the world behind samsung.

some suggest unabom cory be worth up to $120 billion in an ipo.ber is likely shooting to go public during the first three months of next year. >>> abc 7 news has obtained police body cam footage of a domestic dispute involving former 49er reuben foster. it happened a month before he was released by the team. abc 7 news reporter matt keller has been reviewing the footage to explain what happened to lead up to that police encounter. >> police department. >> police were called to this santa clara apartment complex around 11:00 at night on october 12th of this year. >> i am a neighbor, and i'm hearing loud, somebody being banged to the wall or something. >> just an argument. >> officers were met at the door by 49ers linebacker reuben foster. his girlfriend came to the store crying and initially stated she was not okay. >> going through her phone? >> police attempted to interview them simply. >> let's go over here. >> i'm not listening to no conversation, brother. >> okay. i'm going to put you in handcuffs, man. >> and that's what happened. foster was

jackie: these companies have been preparing for an ipo for a long time.e hear about it now and are excited, but any of our large unicorns have been preparing for years for this big event. and yet these are two companies that are still losing money. do you see greater efforts to become profitable before going out or create more sustainable businesses earlier on before they open their books to the public? i hope that is not the case, to be honest with you. i hope the markets are in a place where companies can go to the public markets sooner in their lifecycle. we have seen such a lack of the withver the last year's the exception of biotech companies. i think it is important that there are half the number of publicly traded companies today then there were 10 or 20 years ago. if he don't get the public markets in the right place to see some more successful ipos coming to the public markets, we will not have an entrepreneurial ecosystem as healthy as it should be and could be. how long do you think the tech volatility is going to continue? the great thing is,

>> guest: it took several years that was not until gm come first gm had an ipo and the government ended up selling out later in the obama administration, took silver use because policy officials were deciding should we wait to try to see if the stock went up high enough or should we sell and basically eliminate the risk and let gm operate on its own. >> host: you mention a lot of numbers. this from the treasury department, the federal government is investing $51 billion in gm recouping $39 billion when all that stock was sold off. chrysler 12.5as reinvested, 11.2 very returned. on what promises specifically did gm make to the united states government when they took this money? >> guest: they didn't have to make that many promises because the idea if he talked to steve ratner, former auto team at the obama administration is they wanted to make this company financially viable again. they did commit to building a fuel-efficient vehicle that got certain miles per gallon but by and large they did. not attempt to make any specific requirements like keeping the plantui open or keeping a number

later on the plan is for them to do an ipo in the u.k.t will put it out in the public on its own as a freestanding consumer health business. we're seeing enthusiastic market reaction. what do we see as the tracting regulators? tim: it is unclear what antitrust the negative it. there are some comparable companies out there. a lot of competition on prices and other things. amazon and companies like that yet again to the retail pharmacy business. the antitrust on this right now would be a little uncertain. shery: this is quite a shift in strategy. tim: they have been sort of moving gradually and stretching to focus more on prescription drugs. this is one of the bigger things they have done so far to make that happen. this sets them up to take some other businesses they had better holder businesses and place them into this corporation and focus on cancer drugs, vaccines and some of the other more higher-priced groundbreaking drugs they want to be selling in the future. shery: tim, thank you for the latest on this huge merger. amanda, another

rival lyft also filed for an ipo today. reports that the two companies are rushing to beat each other to public markets. >>> trouble for an innovative attempt to clean up the great pacific garbage patch, the massive collection of debris in the pacific between california and hawaii, the nonprofit n auo francisco bay in september with a 2,000-foot long cleaning device aimed at corralling some of that trash, but recently the team saw some plastic had been escaping. it could be because it's moving too slowly or vibrat be ing the team isrk fix priceypr move is a sour note. people are questioning why concord police had to spend $34,000 on a video for the lip sync challenge. ♪ you look at me and take me to another place ♪ >> the video features lip syncing sergeants and cops from concord. videos like this one have been going viral from police departments around the country in recent months, but some say the price tag is tone deaf. >> that's a bit excessive. >> it really upset me to see that video that our tax dollars are used that

caroline: an ipo and initial coin offering. n 2018, investors have become even more intelligent and do not believe that those bogus projects will work just by having an idea on the table. you not only have to have a prototype but an environment where you can go and plug that prototype and show how it is working. caroline: didn't it take regulators to weigh in to educate the investor base? it took the likes of the sec to willertain isos if they hand money back to investors. did it take regulators to make investors more wise? naeem: in times -- in terms of regulation, it will become more friendly. it will be a complete abolishment of all the share park it -- projects and the market. they will use the blockchain tech knowledge he to its core. -- technology to its core. share, these coin are the projects that will use the blockchain take elegy -- technology to make the system more efficient and as investors, to show you this is what we promised and this is what we produced and this is evidence. caroline: are these already securities

now, julia is in the chief executive office driving the company towards an ipo.oining me today on "bloomberg studio 1.0," eventbrite cofounders julia and kevin hartz. you founded a company at the same time you were planning a wedding together. why did you decide to do it? julia: i have to say that when kevin and i first met, i did not know where this was going to lead. and it was part of a two-year-long evolution of getting to know each other and understanding how we might work together. ultimately, we had complementary skills. when you find yourself in that situation and you realize you can be a powerful duo, i think it is a shame if you don't go for it. emily: kevin, you were a tech investor, invested in paypal, founded a company called xoom, a money transfer company. kevin: i love technology. i had a front row seat to paypal and the great things that happened there. finding the right partner to do this, and we can't leave out renaud, our third cofounder, but it just felt very natural. we were not entirely sure how it would work out, but it is 10 years later. h

we talked in june about an ipo where we take of19.9he proceeds as cash. we have flexibility and options there. >> whi the upgrade moved the suffolk g.e. announced news as well processle planning to create a new independent company olly owned by g.e. for industrial internet of things software. the stand ane subsidiary will rdt a new ceo, new equity structure and bf directors. housing the digital technologieo that g.e.e spent billions betting would become its future. but the news after t cutbacks in the digital business adds more clarity to the mpany's long-term plans as yet mother management team continues the difficult process of turning the american behemoth around. for "nightly busimss report" morgan brennan at the new york stock exchange. >>> and still ahead, what's being done to close the funding gap for women entrepreneurs. > there are reports tonight that federal prosecutors are investigating whether presidents trum inaugural committee misspent money. according to dow jones, the criminal probe is in itsarly stages and it's examining whether some of

has filed for an ipo, pulling ahead of uber in the race to go public.cide how many shares will be offered where the potential price. next year will test the markets appetite. uber is aiming for an ipo in the first half. russia's leading service is looking to list in 2019. carmakerinese electric is raising funds for expansion. their listing is expected in 2022 as they strengthen their business in the auto industry shift away from the combustion and in. we are told the company -- combustion engine. has notold the company yet listed parts of the operation. paul: one of the most anticipated nintendo games of the year was released today. super smash brothers ultimate is being hailed as the savior of the switch console, a platform that has been struggling to gain traction. the marketest says is not connecting the dots on nintendo. thank you for joining us. give us a sense of how important the release of this game is for nintendo and the switch. so far, all of the console platforms are extremely important and this is first party, so nintendo's games are exclus

it is not really an ipo. they are back. it's up slightly 4460 is the one issued at any rate michael dell, welcome back back to you. >> you sold that excitement. i like it. >> i thought he was -- >> it was great. >> let's send it up to jackie. >> hey i will echo his sentiment and say it's a little more of a quiet day. it is quiet compared to what i'm sitting here and trying to keep track of whether the nasdaq is in positive or negative territory. we lost it t. movers we have watching here is having the greatest impact. amazon was a big mover today apple, intell, y faang is all green, straight down the line. facebook is turning into negative territory can't keep up withthis stuff tesla is having a nice move on the day. last time i checked it was about 5% chips are doing pretty well too. back over to you >> all right thank you. >>> what is all of the recent market volatility tell us about invesing we have two gentlemen here to debate it. so are you taking this opportunity to buy >> i have to tell you it is not fun for you. it

not that you would have an option to buy it, but would you be a willing buyer of this ipo?i think the ipo is overpriced. are targeting the retail investor with 85% payout pledge, which is 5% yield in today's the earnings will come under pressure as tariffs are being forced upon all wireless carriers. we think that softbank corporation, which is being going to be very overvalued and we think the stock will fall a few weeks after the underwriters are done and we would tell are investors to stay away from it, or even short it. does the retail the men tell us anything about what institutional investors feel about softbank and this ipo? why should there be a concern here? valuations are coming with $3 trillion in debt, , sorket cap of 7.3 trillion enterprise value of just over 10 trillion, so an amazingly big premium compared to number one and number two in japan, so we don't see why the premium is warranted. softbank is a household name and they are targeting the retail investor, and the retail investor from the sound of it has bought the idea. they have had an unprecedented ad

given they have already filed the first round of paperwork, we could see an ipo in the first half, possibly quarter on an aggressive kind -- timeline. haidi: big start to the year in .he top five check reporter there joining us out of san francisco with the filing.n the uber ipo we are going to get a snapshot of the japanese economy, third quarter gdp out in a few minutes time. i should say things could get worse before it gets better. this is daybreak asia. -- haidi: this is daybreak asia. shery: we are likely to see a deeper contraction in third-quarter gdp numbers for since the nuclear disaster at fukushima. the slumped with a series of typhoons and an earthquake that knocked down for -- down power in the north. thank you so much for your time. how much of an impact are we going to see from natural disasters, and if we do see one, does it mean because of the efforts and rebuilding after disasters, we could see a big rebound in the next quarter? third-quarter -- yeah, and the third quarter we like to see a little deeper with data that indicated would go down, so we are expecting something

this comes after much buildup and fanfare that the company is among the largest ipos in history. david anorts from tokyo. >> a lot of reasons why this deal didn't fly. you look at market conditions and this is hardly the best time to do a large listing. the second largest in history globally. over 23 billion dollars raised. we are this close to christmas and there is a lot of volatility in the market. a lot of people approaching had warned this ipo was a little overpriced, especially if you talk to institutional investors. if you talk to retail investors, it was different. they saw something different in the ipo. what they saw was a national champion. masayoshi is a household name in japan. he's a visionary if you will. it was sold as a dividend play. if you brought up the ipo price of 1500, you would have gotten 5% dividend yield and the company had promised an 85% dividend payout ratio on that net income. if you buy into these prices, that yield play goes up further. the question here, if you have foreign investors, they look at the net income, the denominator when you calculate it, and

vietnam airlines is pushing ahead with plans for an ipo in the new year.ays they plan to offer shares on the ho chi minh stock exchange. although the final decision will be made by the government in hanoi. it advances a plan that originally saw vietnam air aiming to come to the market the middle of 2019. shery: look at the markets trading now. the asx 200 and the new zealand on tradeining ground tensions easing. nikkei futures and kospi futures are higher. we have a weaker japanese yen on the 90 day moratorium on tariffs on china. plenty more coming up. this is bloomberg. ♪ this is bloomberg. ♪ paul: good morning. the major markets are open for trade. shery: good evening. sophie: and i'm sophie kamaruddin. welcome to "daybreak: asia." paul: our top stories, bringing relief to stocks. the aussie dollar is also stronger. they will continue to manage the market. softbank making history. and it could be a very positive day for markets all across asia as we see trade tensions easing between the u.s. and china. a more dovish tells coming from the federal reserve

they do not have an ipo plan.es,o some fewer than 1% will survive and there will be consolidation. and heed about that, expected to take place -- expects it to take place. shery: to discuss the chinese tech market, we bring in the .anaging partner we have seen a lot of volatility in the tech sector in china. but despite all this, analysts were hopeful that given the chinese government's focus on this sector in the made in china 2025 policy, it has momentum going forward. there are reports that they could delay that for a decade or so? is that a possibility? what would that mean for the sector? mark: the report started surfacing today. i think that number one, with all of these points, we have to see what actually happens. there are a lot of points talked about every day that swing the market around. the momentum, i believe, will stay with the chinese companies. i am sure they are compromising in thinking about compromising with the u.s. at this point. ipt is the main issue, the and made in 2025, the autonomous dri

an ipo might not be something in the imminent future. think the pace of investment will continue? saw mega around investments boosting funding this last year going into established categories, and while that might look a little bit saturated, we could continue to see some of that investment flowing to 2019. as these companies really look to iterate on product and expanding global markets. what about the opportunity for some of these larger banks to start buying some of these? for every credit karma, there's a slew of other companies that have gained traction but have .ot raised valuations do we see more of that next year? >> 2018 was a surprising year because banks started to make fin tech acquisitions, which was something they had not done in the past. goldman is a great example. they could look to do if they want to scale their products, but tax have roughly been investing in their fin tech strategies, making investments in the category as well as looking to get digital internally and told some solutions in-house. emily: got it. like i

, .sually two to three times you can negotiate a deal for a youd-price whereas an ipo are subject toet and whether it is open or closed. you can do detailed due diligence on a company and have actual projections. in seller, either keep majority or minority so it is a very flexible capital structure. jason: is this a scalable business? how much do you effect that expect your firm to grow to accommodate this? chinh: it is a scalable market and the spac is an asset class that will continue to grow. it is changing rapidly. over 20% of the ipos were done 's.spac over 10 million dollars were issued. still very much a fraction of the private equity market. over $650 billion, but i think that market will grow. financial equity groups including ppg and carlisle are well.g spac's as fortune five companies are selling into spac's. 's will continue to do spac and traditional private equity deals. jason: i have to ask you about your personal story. you came to this country as a child from vietnam. .ou have been very successful you have given a lot of thought to your philanthropy. it is your time

pinterest wants an ipo as early as april 2019.nline shopping tool what follow other high valued startups. is this the best time. good morning. tech kind of let this led this last great push. i think maybe i needed to stop the bleeding. when we look at these names. many of them were founded during the crisis. during times of discretion -- destruction is the market ready for them to do so. a lot of folks are saying there is a tsunami of companies ready to go up in 2019. the market especially in the first quarter might be closed to them. we spoken about where the growth comes from. these are actually the great companies that will come and get us that. i think people will welcome them. >> a lot of them are unprofitable. and we know what the stock market does to profitable but on popular companies. the one i'm most excited for is air b&b. what we use. i think it is a great transactional platform. is totally disrupting the industry. they are baking and some incredible innovation. it won't come for quite some time. kind of doing nice way

t is filing a registration statement for an ipo. it is not a surprise. we thought it would happen in early 2019. they have moved that date up, which i find puzzling. alix: the best day for the s&p last week since 2011, but a lot of volatility. david: you don't want to go out with an ipo when there is a lot of volatility in equity markets. they moved it up. it is a hot area. uber is expected to follow. lyft goes, uber is not far behind. alix: it is interesting, particularly when it is an ugly tape. 2%, down byoff by 44 points. the initial fall was enough to set off cme circuit breakers. go-two-safetyff, trade. high-yielding currencies getting pummeled today. what is interesting is the lack of buying in the treasury market. in the had a big bid last few days and are below the 3% level, but yields are only down by two basis points. brent completely hammered. unbelievable movement and headline soon from opec. david: it will be interesting to see what happens over the next couple hours. alix: and how that volatility will spread to other asset classes. andd: 8

and testing the waters, two aspects of the job act, allow the company to move swiftly and complete an ipoway that was simply not feasible five or 10 or 25 years ago. you can time the market in a way that we never could before, and that is a big advantage. in a market full of volatility, i think people can find their slots to make it happen. emily: you have had some big exits this year. where are you going to be putting your pets this coming year given the competition from softbank in the late stage investing market? >> from our perspective, softbank is not a competitor. the scale of their funds and the scale of investments they are looking for simply -- it is just a different business than we are in. we are in late stage capital. the venture business becomes a big business with a lot of segmentation. there's big segments for individuals because they are looking at -- for us, they are more likely to be either a follow on to something we do or an exit strategy because i think they are going to build a tech conglomerate. toly: sandy miller, great have you here. thanks for stopping by. the eu

uber becamealley, the latest ridesharing company to begin the journey towards an ipo.oined its rival lyft, admitting a filing confidentially last week and the sec. when do we expect it to go public? when do we expect the companies to come to the market? >> uber had talked about the second half of next year. uber is makingd acquisitions in the scooter field. in the spring of 2019, and they take a message of a slow interest rate environment. the ridesharing, ride-hailing, the strength and growth of their uber eats business. things perhaps unanticipated could delay filings. >> uber selected morgan stanley to leave the initial public offering which could be the biggest listing in 2019. this is a victory for morgan who is the go-to guy for silicon valley firms. >> that is exactly right. ingan stanley helped uber the ipo perspective and it has really been the main bank in the room. michael grimes is sort of the key banker there. for morgan big win stanley, getting uber ready for what could be this $120 million ipo next year. >> tencent music has risen on its trading debut in

market conditions in the year where we keep talking about tight dollar liquidity, an ipo this marja thegoing to happen. the other thing that has bottled a lot of people is -- keep in mind, 90% of this went to retail investors. institutional money was largely kept away because we were buying a company whose profit outlook wasn't as rosy as the dividend yield it offered. just a combination of factors. ♪ pfizerosmithkline and have agreed to combine their consumer health care businesses in a joint venture, to be controlled by the u.k. company glaxo, creating the biggest supplier of over-the-counter medicines in the world. breakdown this deal for us. it's huge, obviously. global locations, who gets what? >> glaxo gets the lions share, 58% of the joint venture, pfizer gets the rest. investors are saying it is probably because they have that perspective of the ipo three years down the road. ups is essentially a split through the medicine business, vaccines and that kind of stuff. >> they are contributing significantly larger cash flows from the joint venture, continuing to fund on priority on

why are these companies moving ahead with an ipo in this environment? noah: you have to understand what the long-term strategy is and maybe they are trying to get that initial bounce. maybe it is the view we have investors looking for the next thing. private equities, they are looking for that little extra alpha or boost to their portfolio. you see deals come off the table, but again, i would look at each one as we are trying to calibrate. if we saw more deals being pulled back, to me that would not necessarily be the red flag. i kind of like the fact that people are still willing to look for ways to take risk in this market. joe: which is more important, the federer trade? -- fed or trade? noah: trade is a much bigger downside risk. in some ways, think about the decision-makers when it comes to policies. would you have the state of the markets in the hands of jay powell and john williams and the rest of the governors there or in the hands of somebody that has a view of trade policy and how you sell the deficit problem? there's a lot of downside risk fo

in silicon valley where uber became the latest ridesharing company to begin the sharing towards an ipoits rival lyft in trying to go public. .ike lyft, the service admitted when do we expected to go public ? uber talked about the second half of next year. that is possible. we have reported making acquisitions in the scooter field so lots of things to delay this. we are talking about the beginning or the spring of 2019. so many factors here. they want to take advantage of the slow interest rate in -- environment. still enthusiasm for ride sharing. , perhapshings unanticipated could delay their filings. >> uber said to have selected morgan stanley, which is expected to be the biggest listing in 2019. this is a victory for michael greines who has become a go-to guy for silicon valley firms. helped uberanley right the ipo perspective. it has been the main bank in the , theand michael greines key banker. it is a big win for morgan stanley in getting uber ready for what could be this $120 billion ipo next year. music has risen on its trading debut in the u.s. it happened after a series of ne

emily: your name has, for an ipo candidate in 2019. should be watching for that?neth: we have been around for 11 years and it has never been a primary objective. emily: the 2019 be the year? kenneth: any your could have been the year. doing things like tax preparation, investing in the u.k., and other strategies might be much smarter. given the secondary and private markets, and liquidity there, we can stall the problem. emily: kenneth lin, thank you so much for stopping by. we hear from an apple analysts saying shipments could fall at least 10%. that is next. this is bloomberg. ♪ comcast business built the nation's largest gig-speed network. then went beyond. beyond chasing down network problems. to knowing when and where there's an issue. beyond network complexity. to a zero-touch, one-box world. optimizing performance and budget. beyond having questions. to getting answers. "activecore, how's my network?" "all sites are green." all of which helps you do more than your customers thought possible. comcast business. beyond fast. ♪ there's no place likargh!e ♪ i'm

in a year where we keep talking about liquidity, this close to christmas and you take an ipo this largearket. that is what is going to happen. the other thing that boggles the people is approaching this ideal and 90% of this massive listening went to retail investors. institutional money cap to way because it was overpriced and they were buying the company that it offered retail investors. it is a commendation of factors really. in a joint venture to be controlled by the u.k. company -- creating the biggest supplier of over-the-counter medicines in the world. break down the deal for us. it is huge. global implications -- who gets what? of the joint0% venture. 5% will get the rest. investors like this because they have perspective ipo's four years down the road. this is a split up as we know it today into the consumer business and medicine business, oncology. >> in the near term, we are contributing significantly larger cash flows from joint venture to continue to follow our number one priority. to the give visibility eventual separation, upload -- post integration and as we have made fu

. ♪ shery: uber joined lyft in filing for an ipo.dentiald a application for what could be one of the top five biggest listings of all time. what do we know about this? michael: absolutely. it could be one of the biggest of all time. it would be based partly on uber's valuation, which is a matter of debate, and will be determined by the markets. uber's valuation could be $120 billion. the actual idea would be some percentage of that. that could put it past the all-time ipo record of alibaba which was $25 billion in 2014. regardless, it will probably be not that far behind. shery: why do it now when equity markets are in turmoil? michael: uber has been under a lot of pressure for a long time by investors who are ready for the ipo to happen. it has been years in the making at this point. similarly to lyft. i think there might also be an appreciation for the fact that the markets are somewhat in turmoil, but maybe that turmoil is going to be here for a while, so why not go through with it now. in some ways, just hope for the best. of cou

it has filed for an ipo of its health care unit. a public filing is likely next spring. enterprise value of up to $70 billion. that is the bloomberg business flash. nejra: thank you. to recover from its biggest slump since 2016 as slowing global growth is haunting investors. with us is our executive editor for energy and commodities. we outlined the bearish case for oil. what is the bullish case? >> there is one glimmer of hope. with thebia came out budget assuming $80 a barrel, which is courageous. when we run the math, we come up with $95 a barrel they would need to break even on their budget. that may give you pause for thought, but either that is policy, will drive the meaning they need to get them up quickly. i don't think anyone believes they can single-handedly managed the global market. nejra: has the market lost faith in opec plus? >> perhaps. yesterday's meeting confirmed the cuts would not start until next month. it will not hit as quickly as we hope for. tom: good morning. , want to bring up this chart an approximation of inflation-adjusted oil back a million

lyft has filed for an ipo. huawei is aware of potential blowback in talks with beijing. the u.s.arket is strong in its jobs report. following the arrest of the cfo, china accuses the u.s. of trying to contain the rise of the company. it willoble group says attempt to push for equity restructuring by an alternative process. this is a move that could wipe out existing shareholders. this comes after regulators in singapore announced a probe into account last month and announced they would not allow a relisting. engine plant may be brought out of storage to rebuild a new jeep grand cherokee. jobs byld add new firing up the plant. you.: thank we are in vienna. it is all about opec. a lack of confidence, some would say. mr. novak comes to the table. with the latest. morgan.tegy from jp great to see you. we don't have a deal for the first time in five years. we have to think about rescheduling our days. the market is on tender hawks. tenderhooks. ahread ofittle bit ourselves. we just heard from the russian news agency. 150,000 barrels. is this setting the tage for what we can expect? ca

early-stage documents for an ipo beat uber to the punch. lyft is working with j.p.organ and jeffries to lead the offering in the first half of next year. $18 billiond from to $30 billion. top story, trade talks could get even more complicated following the arrest of a chinese telecom executive. the u.s. convinced canada to arrest huawei cfo meng wanzhou in connection with violating sanctions against iran. she is the daughter of huawei's founder. we spoke with a cyber policy and china digital policy fellow along with bloomberg's mark gurman. >> this is seen as a dramatic escalation from beijing. directlygh this isn't linked to the trade war, it comes at a time of tremendous political tension between the u.s. and china and could make ongoing trade talks more contentious. china the statement from at the court -- request of the u.s. side, the canadian side arrested a citizen not violating any law. the chinese protest over such actions which seriously harmed the human rights of the victim. u.s. and canada to correct the wrong doing, to restore her personal freedom. mark,